Here is the quick calc to determine value:Total occ paying lots x avg lot rent x 12 - expense ratio (35-45%) = NOI NOI / cap rate = valueOrNOI / value = cap rateKeep in mind this is just a back of the napkin calc to gauge whether to pursue it.

Builder values are not a good benchmark to gauge marker conditions.

No Pressure.

A light renovation requires less specificity than a new construction build, and you'll have to gauge that accordingly, but you should err on the side of being more specific rather than less.Lastly, regarding materials purchases, you should NEVER let a contractor choose, purchase or pay for any finish materials or important elements like appliances, sinks, toilets, bathtubs, counters, cabinets, trim, doors, windows, or even things like paint and stain or varnish.

If you move quick you put pressure on the bank to move quick. 

Roofer, carpenter, floor guy, drywall guy, tree guy, grader, plumber, electrician, RE agent, painter, insurance agent, accountant, banker, hvac guy, lumber/window guy, vinyl siding guy, gutter guy, appliance repair guy, RE attorney, junk hauling guy, pressure wash guy, dirt / gravel delivery guy. 

I quote our market each week with peers to kinda gauge where we are. 

I do believe it gives you an average of the general area, but I'm finding it can't gauge accurately sometimes for a couple reasons -- it can't tell if I have 2 baths instead of 1.5, nor can it tell that some of my rentals are considered 'higher end' because of the finishes - and so some of my properties can compare with the 'newer/upscale' apartments in town, but for some folks, mine may more desirable because it's only got 1 shared wall. 

@Nash Garceau bad reviews, bad communication, pressuring me to make decisions, not giving me multiple options.

Time will tell and it's been very hard to gauge lately.